316/318 Highland Estates Dr · Round Rock, TX 78664

$425,000

4 bd · 2.0 ba · 2,212 sqft · MultiFamily public records · 101 Days on market

Built 1984 1.02 ac lot $192/sqft · 29% below area Est $600k · 29% under ↓ 2% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +7.7/30.0
• Schools +4.9/10.0
• Livability +4.0/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great opportunity to own a well-located duplex in the established Highland Estates area of Round Rock! Each side of this property features a 2 bedroom / 2 bathroom layout with a beautiful stone fireplace serving as the focal point of the living room, creating a warm and inviting atmosphere for tenants or owner occupants. Situated on an exceptionally large lot, both units enjoy spacious, fenced backyards, offering privacy and outdoor space that is hard to find in many duplex properties. Unit 318 is currently leased, providing immediate rental income, while Unit 316 is vacant and available for showings, making this an ideal option for an owner-occupant looking to offset their mortgage or an investor seeking a partially stabilized asset. In addition to the residential rental income, a portion of the backyard is currently leased separately, providing additional income for the owner. The property is located within the highly regarded Round Rock Independent School District, and is conveniently located with excellent access to Highway 79, SH-45 Toll, and SH-130 Toll. The property offers easy commuting to major employment centers throughout Round Rock, North Austin, and the greater Austin metro area. Residents will also enjoy close proximity to shopping, dining, and everyday amenities. Whether you are looking to expand your investment portfolio, house hack, or secure a property with multiple income streams, this duplex offers flexibility, location, and long-term upside!

Key facts

• Access to highway 79
• Fenced backyards
• Large lot

Tags

• STONE FIREPLACE
• LARGE LOT
• FENCED BACKYARDS
• RENTAL INCOME
• ACCESS TO HIGHWAY 79
• ACCESS TO SH-45 TOLL

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $-491 ($-6k/yr) — negative. Per door: $-245/mo.
• To cash-flow at today's rent, offer at most $338k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (24.8% below list).
• Recommended offer: $320k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 2.7% in Round Rock — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#56 in TX, #2,184 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Round Rock ISD (urban): math 51% / reading 59% proficiency, ranked #86 of 826 in TX (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-1.5%/yr); 300 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,543 units permitted in Williamson County in 2024 (1,425 in 5+ unit buildings).
• This rent runs 44% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Williamson County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($387k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,700 (24.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.95%
• DSCR: 0.78
• GRM: 11.1

CMA / ARV

• ARV (median comp): $600,277
• List price: $425,000
• Delta: -29.20%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -28.2%
• Equity multiple: 0.08×
• Total profit: $-109,393
• Equity at exit: $63,369

10-year hold

• IRR: -44.7%
• Equity multiple: -0.44×
• Total profit: $-171,315
• Equity at exit: $36,746

Cash invested: $119,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78664

• Rents YoY: -1.5%
• Active inventory: 300
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $3,197 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$611 /mo · $7,326/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $-491

Break-even live

Break-even rent $3,818

Max offer price $338,316

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,196
Total (2 units)			$3,197

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 Laurel Oak Loop Round Rock, TX	4.0	2.0	1902	$5,500	$2.89	43d	1	0.43mi
4500 Tiny Seed Cv Unit 1 Round Rock, TX	4.0	2.5	2479	$2,200	$0.89	43d	1	0.60mi
101 Sandy Lyle Cv Round Rock, TX	3.0	2.0	2108	$2,200	$1.04	7d	1	0.67mi
125 Justin Leonard Dr Round Rock, TX	3.0	2.0	2119	$2,195	$1.04	23d	1	0.79mi
20309 Dark Tree Cv Round Rock, TX	3.0	2.0	1643	$1,950	$1.19	43d	1	0.87mi
20309 Dark Tree Cv Round Rock, TX	3.0	2.0	1643	$1,850	$1.13	21d	1	0.87mi
1511 Homewood Cir Round Rock, TX	5.0	3.0	2798	$2,850	$1.02	17d	1	0.89mi
524 Castebar Dr Round Rock, TX	4.0	2.5	2366	$2,399	$1.01	17d	1	0.91mi
3538 Shiraz Loop Round Rock, TX	4.0	2.5	2602	$2,449	$0.94	43d	1	0.92mi
303 Payne Stewart Dr Round Rock, TX	4.0	2.5	2873	$2,600	$0.90	12d	1	0.92mi
303 Payne Stewart Dr Round Rock, TX	4.0	3.0	2873	$2,600	$0.90	14d	1	0.92mi
19605 Cheyenne Valley Dr Round Rock, TX	4.0	2.5	2917	$2,395	$0.82	12d	1	0.94mi
3037 Bradford Park Dr Round Rock, TX	4.0	2.5	2626	$2,100	$0.80	2d	1	0.98mi
3102 Hailey Ln Round Rock, TX	3.0	2.0	1527	$2,000	$1.31	17d	1	1.00mi
704 Gunning Cv Pflugerville, TX	4.0	2.5	2478	$2,650	$1.07	16d	1	1.00mi
2808 Southampton Way Round Rock, TX	3.0	2.0	2299	$1,499	$0.65	43d	1	1.01mi
2877 Southampton Way Apt A Round Rock, TX	3.0	2.5	2580	$1,595	$0.62	43d	1	1.03mi
1013 Fred Couples Ct Round Rock, TX	3.0	2.5	2366	$2,460	$1.04	4d	1	1.07mi
2133 Paradise Ridge Dr Round Rock, TX	3.0	2.0	1868	$2,195	$1.18	16d	1	1.07mi
201 Paul Azinger Ct Round Rock, TX	4.0	3.0	2579	$2,575	$1.00	43d	1	1.10mi
2907 Donnell Dr Round Rock, TX	3.0	2.0	1540	$1,995	$1.30	17d	1	1.11mi
706 Coconut Grove St Pflugerville, TX	3.0	2.0	1515	$1,900	$1.25	43d	1	1.16mi
719 Coconut Grove St Pflugerville, TX	3.0	2.5	1598	$1,898	$1.19	43d	1	1.20mi
2880 Donnell Dr #1701 Round Rock, TX	4.0	2.5	2067	$2,125	$1.03	7d	1	1.21mi
2880 Donnell Dr #2003 Round Rock, TX	3.0	2.5	1825	$1,950	$1.07	20d	1	1.24mi
1300 Leah Ln Round Rock, TX	3.0	2.0	2212	$2,150	$0.97	17d	1	1.25mi
125 David Duval Ct Round Rock, TX	3.0	2.0	1922	$2,150	$1.12	17d	1	1.29mi
612 Arrowood Pl Round Rock, TX	3.0	2.0	1788	$2,300	$1.29	43d	1	1.34mi
2924 Barbed Wire St Round Rock, TX	3.0	2.0	1671	$2,100	$1.26	7d	1	1.46mi
405 Winterfield Dr Hutto, TX	2.0–3.0	2.0	1323	$2,100	$1.59	3d	15	1.47mi
5853 Round Rock Ranch Blvd Round Rock, TX	4.0	3.0	2303	$2,430	$1.06	43d	1	1.48mi
424 Freeman Park Pl Round Rock, TX	3.0	2.5	2425	$2,845	$1.17	43d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $425,000 Active 101 DOM
2. 2026-06-17
   days on market $425,000 Active 100 DOM
3. 2026-06-16
   days on market $425,000 Active 99 DOM
4. 2026-06-15
   days on market $425,000 Active 98 DOM
5. 2026-06-13
   days on market $425,000 Active 96 DOM
6. 2026-06-13
   days on market $425,000 Active 95 DOM
7. 2026-06-09
   days on market $425,000 Active 92 DOM
8. 2026-06-08
   days on market $425,000 Active 91 DOM
9. 2026-06-07
   days on market $425,000 Active 90 DOM
10. 2026-06-05
    days on market $425,000 Active 87 DOM
11. 2026-06-03
    days on market $425,000 Active 86 DOM
12. 2026-06-02
    pricedays on market $425,000 Active 85 DOM
13. 2026-06-01
    days on market $439,900 Active 84 DOM
14. 2026-05-31
    days on market $439,900 Active 83 DOM
15. 2026-04-24
    price $439,900 1486-char remark

    Show marketing remark (1486 chars)

    Great opportunity to own a well-located duplex in the established Highland Estates area of Round Rock! Each side of this property features a 2 bedroom / 2 bathroom layout with a beautiful stone fireplace serving as the focal point of the living room, creating a warm and inviting atmosphere for tenants or owner occupants. Situated on an exceptionally large lot, both units enjoy spacious, fenced backyards, offering privacy and outdoor space that is hard to find in many duplex properties. Unit 318 is currently leased, providing immediate rental income, while Unit 316 is vacant and available for showings, making this an ideal option for an owner-occupant looking to offset their mortgage or an investor seeking a partially stabilized asset. In addition to the residential rental income, a portion of the backyard is currently leased separately, providing additional income for the owner. The property is located within the highly regarded Round Rock Independent School District, and is conveniently located with excellent access to Highway 79, SH-45 Toll, and SH-130 Toll. The property offers easy commuting to major employment centers throughout Round Rock, North Austin, and the greater Austin metro area. Residents will also enjoy close proximity to shopping, dining, and everyday amenities. Whether you are looking to expand your investment portfolio, house hack, or secure a property with multiple income streams, this duplex offers flexibility, location, and long-term upside!

16. 2026-03-08
    listed $450,000 Active 1486-char remark

    Show marketing remark (1486 chars)

    Great opportunity to own a well-located duplex in the established Highland Estates area of Round Rock! Each side of this property features a 2 bedroom / 2 bathroom layout with a beautiful stone fireplace serving as the focal point of the living room, creating a warm and inviting atmosphere for tenants or owner occupants. Situated on an exceptionally large lot, both units enjoy spacious, fenced backyards, offering privacy and outdoor space that is hard to find in many duplex properties. Unit 318 is currently leased, providing immediate rental income, while Unit 316 is vacant and available for showings, making this an ideal option for an owner-occupant looking to offset their mortgage or an investor seeking a partially stabilized asset. In addition to the residential rental income, a portion of the backyard is currently leased separately, providing additional income for the owner. The property is located within the highly regarded Round Rock Independent School District, and is conveniently located with excellent access to Highway 79, SH-45 Toll, and SH-130 Toll. The property offers easy commuting to major employment centers throughout Round Rock, North Austin, and the greater Austin metro area. Residents will also enjoy close proximity to shopping, dining, and everyday amenities. Whether you are looking to expand your investment portfolio, house hack, or secure a property with multiple income streams, this duplex offers flexibility, location, and long-term upside!

17. 2005-05-27
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $7,326 · $611/mo
• Projected year-2 tax: $7,778 · $648/mo
• Expected delta: +$451/yr (+$38/mo · 6.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,364
• − Mortgage interest: −$23,807
• − Property taxes: −$7,326
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,069
• − Management: −$3,069
• − Depreciation: −$12,364
• Taxable loss: −$13,396
• Est. tax savings @ 24.0%: +$3,215
• After-tax cash flow: $-2,673/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Round Rock ISD
• NCES district ID: 4838080
• Math proficiency: 51% ▼ -14.00%
• Reading proficiency: 59% ▼ -4.00%
• Median HH income: $75,378
• Composite: 49.33/100
• National rank: #2022
• State rank: #86 of 826 in TX

Livability — Round Rock

• Score: 79/100
• State rank: #56
• US rank: #2184

Category grades

Amenities D- Commute F Cost of living B+ Crime B+ Employment A+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Williamson County · 680,029 people
• City population: 184,922
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 62,060
• Household income: $87,417
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2246.0

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 699,027 people
• By 2030: 795,537 · +13.8%
• By 2040: 990,683 · +41.7%
• By 2050: 1,184,292 · +69.4%
• By 2075: 1,623,825 · +132.3%
• By 2100: 1,924,153 · +175.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 39% Hispanic / Latino 35% Two or more races 21% Black 15% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 26% Puerto Rican 2% Cuban 1%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 69% English-only · Spanish 22% Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · Williamson

• 2024 margin: Toss-up / Even · D 48.0% · R 50.4% · Other 1.6%
• 2008→2024 swing: +10.6pp toward D · 2008: -13.0pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: D+1.4 2016: R+9.9 2012: R+21.5 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -363.25%
• Current HPI: 222.8861
• Rent YoY: ▼ -1.46%
• Metro: Austin-Round Rock-Georgetown, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-2.2% since first listed

3 events — show timeline

• 2026-04-24 Price Changed $439,900 Unlock MLS
• 2026-03-08 Listed $450,000 Unlock MLS
• 2005-05-27 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2026): $7,326 · -9.0% YoY. Source: county tax records.